Key onchain metrics suggest that Bitcoin's downtrend may persist, with potential lows of $63,000 indicated. On March 12, Bitcoin traded at $83,700 after hitting a low of $76,600 the previous day. Demand for Bitcoin is weak, affected by spot Bitcoin ETF dynamics and a dip in investor risk appetite, as reflected in a significant drop in apparent demand from 279,000 BTC in December 2024 to -93,700 BTC currently. Valuation metrics also indicate bearish trends, with the bull-bear market cycle indicator at its lowest since May 2023. Additionally, Bitcoin's price is within a bearish continuation pattern, suggesting further corrections are possible if key support levels at $82,000 break. Analysts warn that a drop below the support zone of $75,000 to $78,000 could lead BTC down to around $63,000. Historical data shows previous negative apparent demand signals have often preceded price declines.

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